Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we dive into how business owners can turn profit into personal wealth. We explore the dangers of reinvesting every dollar back into your business without building wealth outside of it, and the risks of assuming your business will always remain profitable or sellable. We discuss the importance of paying yourself first—treating yourself like a creditor by consistently diverting a portion of your profits into other assets like property, shares, or superannuation. We emphasize that while business owners are used to paying themselves last, developing the habit of wealth-building outside the business can safeguard against disruptions, provide asset protection, and support better retirement outcomes. We also cover strategies for asset allocation, tax minimization, and estate planning, reinforcing the value of long-term planning and diversification.
Start building your personal wealth today by paying yourself first and diversifying your business profits—because your future shouldn't depend solely on your business.
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of Akumin Financial Planning – AFSL 232706
Episode Highlights
Why relying solely on your business for long-term wealth can be risky
The importance of paying yourself first and building wealth outside your business
Common pitfalls business owners face by reinvesting all profits back into the business
How to choose between investing in property, shares, or superannuation
The role of asset protection and tax minimization in wealth strategy
Why superannuation should be a key part of your financial plan
The psychological impact of selling a business without prior investing experience
Practical steps to start extracting profit and creating personal wealth now
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